One year after being transformed into a joint stock company and operating under the new brand ‘VIMC’, Vietnam Maritime Corporation experienced impressive growth. The impressive business performance in the first six months of 2021 is a testament to the success of the efforts, creativity and drastic innovation of the parent company, VIMC, and its subsidiaries.
Despite many difficulties due to the outbreak of the Covid-19 epidemic, the corporation still achieved outstanding business results from shipping business to seaport operation activities, over the same period of the first half of 2020. VIMC experienced a sharp increase in revenue over the same period of last year, thereby boosting gross profit accordingly. The corporation’s gross profit margin also improved from 17.6% to 28.6%. Besides, the business of its associates and joint ventures was also profitable while the same period of the last year saw a loss.
In the second quarter, VIMC achieved high revenue from divestment and enhancing liquidation of old ships, investment in fleet rejuvenation to improve transport competence. VIMC’s net revenue reached VND 3,410 billion, an increase of 34% over the same period. Cost of goods sold saw a light increase, so the gross profit reached VND 976 billion dong, increasing by 118% compared to the second quarter of 2020.
In 2021, VIMC targets to achieve consolidated revenue of VND 10,828 billion, pre-tax profit of VND 944 billion, increasing by 88%. Thus, with this plan, VIMC has completed 56% of the revenue target and 135% of the profit target by the end of the second quarter,.
Seaport operation continues to be a bright spot
In the Northern region, the business results of the first half of 2021 showed that Port of Hai Phong Joint Stock Company had the largest volume of commodities cleared throughout the Corporation and reported a profit record of VND 375 billion, increasing by 45% over the same period of last year.
The largest port in the Central region – Da Nang showed excellent business results with the profit after tax of the first 6 months reaching VND 122.6 billion, increasing by 8.5% over the same period of last year.
Accumulated in the first 6 months of 2021, other ports in the South Central region such as Cam Ranh achieved net revenue of VND 108 billion, increasing by 62% over the same period, profit after tax of VND 24 billion, doubling the profit after tax of the first half of 2020. Quy Nhon Port achieved net revenue of VND 365 billion, increasing by 49% over the same period, profit after tax of nearly VND 115 billion, increasing by 98.3% compared to the first half of 2020.
Sea transport gradually prospered thanks to taking advantage of market opportunities
In the context of the first six months of 2021, taking advantage of market opportunities, VIMC’s transport companies have timely applied solutions to improve their competence to meet the customers’ needs. Particularly the second quarter, the net revenue of Vinaship Joint Stock Company reached VND 240 billion, a double increase over the same period, which helps to bring a profit record in Vinaship’s history with the profit after tax of nearly VND 66 billion being early 4 times higher than the profit after tax of the second quarter of 2020. Accumulated in the first 6 months of 2021, Vinaship achieved VND 387 billion in net revenue, an increase of 56.7% over the same period of last year and its profit after tax reached VND 69.2 billion, which was 30 times higher than that of the same period in 2020.
Viet Nam Ocean Shipping Joint Stock Company (Vosco), another “Big Red One” in the maritime shipping industry directly under VIMC, also reported the profit after tax of VND 220 billion that was a remarkable performance compared to the loss of nearly VND 120 billion in the first 6 months of last year. This was also the highest semi-annual profit since 2009. In 2021, Vosco sets a pre-tax profit target of VND 30 billion. Thus, after the first half of the year, the company exceeded 640% of the targeted profit.
The impressive figures of business results that VIMC achieved in the first 6 months of 2021 are proof of the company’s efforts and fundamental solutions that have changed in “Quality” which all have brought VIMC new strengths to perform well production and business activities and contribute more to the community, especially during the Covid-19 epidemic. This is a premise for VIMC to be able to reach out further with the sustainable development business model associated with the community responsibility. There are more and more large shipping lines docking at Vietnamese ports and major international shippers choosing VIMC’s members. That strongly confirms the corporation’s reputation in the domestic and international markets.